Latvia to receive additional EUR 67 mln for rural development

During the next planning period, Latvia will receive extra EUR 67 million (LVL 47 million) for rural development needs, according to Friday’s EU budget deal, informs LETA.

EU leaders in Brussels. Photo: flickr.com

It was previously mentioned that
Latvia could receive additional EUR 60 million (LVL 42 million) for rural
development programs. Extra EUR 7 million was most likely allotted due to the
country's EU budget veto threat, according to unofficial information.

The deal envisages that Latvia will
be able to channel the extra funds to direct payments.

The ceiling on cohesion funding for
Latvia will be 2.59% of gross domestic product, or EUR 4.2 billion (LVL 2.95
billion), and direct area payments to Latvian farmers will increase to EUR 196
(LVL 138), or approximately 80% of the EU average, by 2020. These figures were
previously proposed by European Council President Herman Van Rompuy.

Circular economy for modern growth: EU and the Baltics EU’s circular economy plans are aimed at efficient use of natural resources and raw materials, waste disposal, while fostering energy savings and reducing CO2. Adequate actions in the Baltic States would contribute to “closing the loop” of product lifecycles through greater recycling and re-use, while bringing benefits to environment, business and economic growth.